ECONOMYNEXT – Property in Sri Lanka’s Colombo district had risen 4.6 percent in the second half of 2020 from a year earlier according to a Land Valuation Indicator tracked by the central bank.
Residential values had grown 4.7 percent, commercial 4.5 percent and industrial 4.6 percent.
In the second half of 2019 land values had grown 10.3 percent.
Compared to the first half of 2020, land values in the Colombo district had grown 2.5 percent.
The residential LV I had grown 2.6 percent, Commercial 2.5 percent and industrial 2.5 percent.
The Land Price Index (LPI) compiled from 1998 to 2008 on an annual basis and from 2009 to 2017 on a semi-annual basis, covering 5 DS divisions in the Colombo District. Subsequently, from 2017 onwards, its geographical coverage was enhanced to represent all 13 DS divisions in the Colombo District and hence it was rebased considering 1st half of 2017 as the base period. From 2020 onwards LPI was renamed as Land Valuation Indicator (LVI) and continued to be released on a semi-annual basis.
Per perch bare land prices are obtained from the Government Valuation Department on a semi-annual basis. (Colombo/Feb26/20210